Adjusting location not working
I found the reason. This could be a silly Q&amp;A, but I think someone could do a similar mistake. I was trying to move the object (where it has 'rigid body' physics) in the middle of an animation. Set the frame number to the first frame and then adjusting the transform solved the problem. 

I accidentally found this while suspecting all the possible causes. When I removed 'rigid body' physics from the object, it worked as I intended. That was because it is not affected by rigid body animation anymore and therefore free from frame numbers.